The macroeconomic outlook for homebuyers in the UK is daunting, requiring a response from mortgage lenders in the region.
To meet growing expectations, regulatory requirements and gain loyal client relationships, mortgage lenders are looking to re-platforming, or replacing their legacy technology with new innovative platforms.
Mortgage transformation often comes a few challenges and obstacles for lenders to overcome. In this white paper, we share the biggest mistakes lenders often make, and how to be successful despite them.
In this white paper, experts from nCino and PwC explore five common mistakes that firms make when attempting a digital transformation project, and offer best practices drawn from their experience in deploying hundreds of new platforms on behalf of clients across multiple geographic regions.
With regulatory headwinds picking up, interest rates still rising and borrower expectations changing, the macroeconomic outlook for UK homebuyers and mortgage lenders alike is daunting.
This is why many UK mortgage lenders are intent on disrupting the market by serving their clients throughout the entire homeownership journey, from applying for a loan to refinancing their home.
To achieve this goal of capturing more of the home buying journey and growing direct lending market share, mortgage lenders will need to provide borrowers with seamless and efficient mortgage experiences. During a time when it is more important than ever to identify and act on operational efficiencies and areas for cost savings, lenders can no longer afford to ignore their legacy technologies and antiquated processes.
Re-platforming is the Solution
According to research from Celent and nCino, a majority (70%) of surveyed UK lenders planned to increase their IT spend in 2022, with more than half of those surveyed expecting to make a major enhancement to their loan operating systems (LOS) in the next two years.
By adopting a true end-to-end solution, lenders can enable quicker decision times and gain long-term customer relationships, which will establish them as the first choice for homeowners when they choose to refinance.
However, re-platforming often comes with unique challenges and obstacles. If not navigated carefully, these challenges can result in a failed project and wasted IT spend.
5 Mistakes to Avoid When Re-platforming
In collaboration with PwC, we’ve put together a list of common re-platforming mistakes for your institution to avoid. These mistakes include:
Not having a clear plan anchored to a vision.
Poor scope management.
Ignoring compliance and regulatory requirements.
Trying to implement yesterday’s policies on today’s technology.
Chasing perfection to the detriment of good.
It’s more important than ever for UK mortgage lenders to prioritise and support the customer journey with an innovative technology platform.
To learn more about these common mistakes—and, more importantly, how to avoid them— download our latest white paper now.